Finolex Industries Q2 results: Net profit at Rs 97.96 cr, revenue down 7%

PVC pipes and fittings manufacturer Finolex Industries on Saturday reported a consolidated profit of Rs 97.96 crore for the quarter ending September 30.

The company had posted a loss of Rs 95.38 crores during the corresponding quarter of the previous financial year, Finolex Industries said in a regulatory filing.

Revenue from operations of the company, however, witnessed a decline of 6.16 per cent during the quarter under review at Rs 883.15 crores compared to Rs 941.13 crores in the same period of the previous fiscal.

"Indian economy is displaying continued consumption-led growth in both the rural and the urban segments of the country. The pipes and fittings segment which plays an important role in contributing to economic growth has been growing strong on a year-on-year basis. The global PVC prices are near historic lows, which might bolster pipe and fittings demand once prices stablise," Finolex Industries Prakash P Chhabria Executive Chairman said.

Shares of the company on Friday closed at Rs 225.30, up 1.08 per cent on BSE.